Q: In the early 1980s I took out a mortgage for $36,000 for my house. Now they tell me I owe $273,000. Is this right?
If I don't pay the $273,000. they are going to foreclose and sell my house on June 8th. I went to file a Chapter 13 and the lawyer said I should not file because it looked to him that a $116,000 remortgage loan was not paid off when I remortgaged for $164,000. I filed with the Office of the Consumer Ombudsman who contacted the Loan Servicing company and they responded to me with a mobojumbo statement that doesn't make sense. I do no not want to loose my house, can you help me? I am 71 years old and live on Social Security.
Thank you.
A:
This makes no sense if you made payments and didn't borrow more money, but you've said you 'remortgaged' at least twice -- if you kept borrowing more money and didn't pay off the original loans, then yes, it is entirely possible you now owe hundreds of thousands more.
This forum is FAR too public (you shouldn't list phone numbers here!) to really get into this, but you DO need to actually hire a local attorney to review ALL the loan documents you signed, ANY 'releases' from the liens that may have been recorded over the years and THEN analyze what is going on.
Your first stop is the county register of deeds where you house is located. Get copies of EVERYTHING recorded on your property since you've bought it. The next stop is to look at your own records to see what you've paid on any outstanding loans. the THIRD stop is an attorney who can review the paperwork and discuss your situation with you. Without the first two steps, nobody will be able to help you.
Seek local help from a real estate lawyer ASAP but you need to do your 'homework' first. Get those documents!
--This answer is offered for informational purposes only and does not constitute legal advice or create an attorney/client relationship. I am licensed to practice in Michigan only. Please seek competent local legal help if you feel you need legal advice!
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